Economy
House of Reps. initiates probe of NNPC operations—-summons agency, oil companies

Eyewitness reporter
The House of Representatives Committees on Petroleum Upstream has given the Nigerian National Petroleum Corporation, (NNPC) two weeks ultimatum to appear and explain alleged irregularities in the corporation.
The Chairman of the committee, Rep. Sarki Ada (APC-Sokoto) issued the ultimatum at a public hearing on Thursday, following the refusal of NNPC to honour invitations or reply letters.
“We have invited some oil companies; namely the NNPC, Addax Petroleum Company Ltd and Santex Nig Ltd, to appear before us and they have failed to do that.
“We are giving them two weeks from today. We will reschedule this meeting for two weeks calendar days, to appear before this committee and continue our business.
“Unless if they want us to invite President Buhari to appear before us as the Minister of Petroleum, if they do not come, we will not hesitate.
“Buhari is a minister, he appointed himself and approved by the parliament and he is doing his job; we will invite him, and I know as the law-abiding President, he will come.
“When he comes, Nigeria should know that it is because of the failure of the NNPC to appear that made him come and appear before us,” he said.
Ada said that the committee had asked for relevant documents to investigate the activities of the NNPC, and the corporation had refused to oblige the committee.
“We have written three letters to them at an interval of three months each requesting for their budget, budget performance and list of assets they are holding and managing on behalf of Nigerians.
“We asked for a list of their liabilities, what are the contracts they are executing, who are the contractors, who are the companies and what is the progress made.
“We have asked for details of how much they generate from the sales of crude oil production, how much do they manage on behalf of Nigeria through other joint ventures, until today, there is no response.
“Time has come that we must speak, this country belongs to all of us, we are here as statutory Nigerians,” he said.
The Minister of State for Petroleum, Mr Timipre Sylva, promised to deliver the message of the committee to the NNPC.
Economy
Breaking: Tinubu sacks Emefiele as CBN Governor, appoints Cardoso, four other deputies

Cardoso is a former commissioner for budget and economic planning during the first term of Tinubu as the Lagos state governor Lagos.
The statement is titled, ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’
Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria, for a term of five years at the first instance, pending their confirmation by the Senate.
They include Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” the statement added
Dr. Yemi Cardoso is a financial and development expert with over thirty years of experience in the private, public and not-for-profit sectors.
He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision-making on urban development in Africa and has strong relationships with key international donor agencies.
He has his first degree from the University of Aston, United Kingdom and his second degree from Harvard University, USA.
In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society.
Economy
Customs, 62 government agencies may lose revenue- collection functions to FIRS.

He emphasized that many MDAs, which were not originally designed for revenue collection, have been burdened with this task, diverting their focus from their core functions that are essential for economic facilitation.
“The objective is to enable organizations like Customs to concentrate on trade facilitation and border protection, and regulatory bodies like the Nigerian Communications Commission (NCC) to focus solely on telecommunications regulation.
” This realignment will enhance efficiency, decrease collection costs, and promote transparency in revenue management.”
He acknowledged that there might be resistance from stakeholders who currently benefit from the existing process, but underscored the committee’s intention to ensure that revenues are directed to the government as intended.
Economy
Olawepo- Hashim foresees economic boom under Tinubu’s multi- pronged reform programmes

A stakeholder in Nigeria’s Energy Sector and a former Presidential Candidate, Mr. Gbenga Olawepo-Hashim, has predicted a phenomenal economic rebound in Nigeria owing to the current financial and economic reforms embarked on by the newly inaugurated administration of President Bola Ahmed Tinubu in the past one month.
The 2022 trade surplus of only $2.85 billion dwindles in comparison to 2014’s $54.1 billion.
Also, Foreign Direct Investment (FDI) into Nigeria’s economy fell from $2.2 billion in 2014 to $0.47 billion in 2022, while budget deficit rose by 370.54 percent from 2016 to 2023.
Total public debt as of June 2013 was N7.93 trillion. It’s now at around N77 trillion.
But in the last one month, the President has announced two major economic reforms.
The petrol subsidies, experts agree, have strained Nigeria’s public accounts, contributing to a situation where higher global oil prices hurt, rather than help the economy.
Addressing journalists in Abuja, the nation’s capital on Monday, Olawepo-Hashim noted that the current policy reforms have eliminated distortions in the foreign exchange management on the one hand; and the removal of the corrupt system of oil subsidies on the other hand.
Before now, in Nigeria, there are four foreign exchange (FX) markets: the Interbank FX market, the Investors and Exporters (I&E) window, Bureau De Change (BDC) window, and the Small and Medium Enterprises (SME) window.
However, due to the limited FX supply from exporters and foreign investors, the CBN played a significant role in supplying FX (in this case, USD) to these windows.
Olawepo-Hashim however stated that the policy to unify the exchange windows should have a long-term positive effect on foreign exchange rate and free flow of capital in the country while also yielding a positive impact due to increased confidence in the new government.
According to him, the removal of the subsidies regime in the pricing of Petroleum products is expected to lead to more investment in Mid and Downstream sub sectors of the oil and gas sectors with a net effect of the creation of value-added needed jobs.
He stressed that the new law on decentralization of electricity generation, transmission, and distribution, if properly implemented with concomitant policies, is capable of attracting about 300 billion US dollars over 5 to 7 years into the electricity sector from local and foreign financing sources.
Olawepo-Hashim equally explained that Nigeria per capital comparison with South Africa needs to generate, transmit and distribute about 200,000 MW of electricity, adding that “we can if we stay steadfast to needed reform.
“Nigeria recorded that feat before with liberalization of the telecom sector as she moved from a nation of 400,000 telephone lines in 1999 to a nation of 222 million active lines now.”
While stressing the importance of a naira exchange rate based on market indicators and informed projections to settle around 660 Naira to 1 US Dollar in the exchange market within the next 6 to 9 months, he urged the government to pay attention to immediate deployment of relevant social intervention programmes to cushion the effect of inflation on the burgeoning numbers of the poor.
He also emphasized that “our economic growth expectations must be inclusive and must not leave the majority of our people behind.
“It is a great season of hope and confidence for Nigeria. The nation is steadily on to an assured future as an economic powerhouse and great nation.”
Olawepo-Hashim argued that “Nigeria with the right policy mix will exceed the projection of Price Water Cooper that Nigeria will be the 9th largest economy in the world by 2050 adding that “we are capable of hitting the great economic Milestone predicted by PWC much earlier and climbing higher on the ladder.”
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